We recently blogged on the Chancellor of the Exchequer’s trade credit insurance top-up scheme (the Scheme) announced in the 2009 Budget (see our previous blog on the terms of the Scheme by clicking here). …
Read More UK: Trade Credit Insurance Top-Up Scheme Backdated to 1 October 2008

On June 16, 2009, the United States Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises (the “Subcommittee”) held a hearing regarding how to improve oversight of the insurance industry in order to protect insurance consumers and prevent insurance companies from posing a systemic risk to the American financial system. 

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Read More House Financial Services Subcommittee Holds Hearing Regarding the Federal Regulation of Insurance and Systemic Risk

Last weekend, President Obama proposed $313 billion in new Medicare and Medicaid reimbursement cuts to help pay for healthcare reform. These cuts would be in addition to the cuts that were proposed in the President’s budget.  The new proposal includes cuts for almost all types of providers, including hospitals, nursing homes and other facilities. …
Read More New Medicare and Medicaid Cuts Proposed

The Government of Hong Kong has long planned to establish a safety net for Hong Kong policy holders in the event of an insurance company collapse. The first consultation exercise on a safety net for policy holders was held in 2003 where it was suggested two protection funds be established – one for life insurance and the other for general insurance, but the scheme was put on hold due to a lack of support from the insurance industry. …
Read More HK: HKFI Presents a Protection Fund Proposal

On June 15, 2009, five trade associations (the American Council of Life Insurers, National Association of Insurance and Financial Advisors, National Association of Independent Life Brokerage Agencies, National Fraternal Congress of America, and the Life Insurance Council), which together represent the majority of the U.S. life insurance industry’s carriers and sales force, issued a joint statement (the “Statement”) supporting “responsibly crafted optional federal insurance regulation, with continued viable state regulation.” …
Read More Life Insurance Trade Associations Issue Joint Statement Supporting Optional Federal Regulation

While President Obama has taken a hands-off approach to other major policy initiatives such as healthcare reform and climate change legislation, he will take much more of a hands-on role with his proposed financial regulatory overhaul when he sends actual draft legislation to Capitol Hill this week.  In advance of a detailed roll out on June 17, the administration released an outline of its proposed overhaul that contains the reform elements the administration has floated since March. 

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Read More Obama Administration’s Financial Regulatory Overhaul to be Unveiled Wednesday

HSBC Insurance (Asia) Limited (“HSBC Insurance”), a member of the HSBC Group, has received regulatory approval from the China Insurance Regulatory Commission (“CIRC”) to form a joint venture with National Trust Limited (“National Trust”) in mainland China with the aim of boosting its insurance income and expanding its wealth management businesses. …
Read More HK: HSBC Embarks on Insurance Joint Venture in China

Aon recently released an updated “Terrorism Threat Map” in which it indicates the current threat of terrorist attacks across the world.  The Map shows a trend towards fewer terrorist attacks in the Middle East but increased activity in southeast Asia. …
Read More Aon’s Terrorism Threat Map Identifies a Shift in Terrorism Risk

In an effort to attract its first captive insurance company, Maine has enacted legislation to modernize its captive insurance laws originally adopted in 1997.  L.D. 1436, “An Act To Create Economic Development in the State by Modernizing the State’s Captive Insurance Laws” (the “Act”), eliminates many of the restrictions on the types of business a captive insurance company may engage in and on the types of allowable investments for pure captive insurance companies. …
Read More Maine Revises Captive Insurance Laws